Upgraded Li L8. Credit: Li Auto
- Analysts say the new-generation Li L8 has an aggressive pricing strategy, which is linked to weaker orders for the Li L9 in June.
- Li Auto plans to refresh all four extended-range models in 2026 and accelerate its EV push.
Li Auto (NASDAQ: LI) officially launched the upgraded Li L8 extended-range sport utility vehicle (SUV) on Tuesday. Analysts called the model competitively priced and offered a sales estimate.
The upgraded Li L8 comes in two versions, Ultra and Livis, with official guidance prices of 369,800 yuan ($54,590) and 429,800 yuan, respectively. After a limited-time launch incentive, the starting prices of the two versions fall to 359,800 yuan and 419,800 yuan.
Deutsche Bank analysts led by Wang Bin said in a Tuesday note that the pricing is lower than market expectations, and they expect the new-generation Li L8 to achieve average monthly sales of about 5,000 units.
The team also noted that the new-generation Li L6 extended-range SUV, due to launch in July 2026, is poised to become a significant volume driver for Li Auto.
The upgraded Li L8 comes with a “two-year zero-interest, zero-down-payment” financing plan. The new model is positioned as a five-seat vehicle, setting it apart from the six-seat flagship Li L9 extended-range SUV.
It shares a technology platform with the Li L9, including a 72.7-kWh battery pack, a Qualcomm 8797 intelligent cockpit platform, and an 800V fully active suspension.
Wang’s team believes the new-generation Li L8 will compete with the Aito M7, the Changan Avatr 11, and the upcoming five-seat Nio ES8 from Nio Inc (NYSE: NIO).
Li L8 Monthly Deliveries 2024-2026
Month
2024
2025
2026
January
9,061
4,325
1,173
February
5,457
3,340
1,046
March
6,392
5,275
1,622
April
5,035
5,178
1,457
May
5,322
5,312
421
June
5,754
4,338
July
6,592
3,088
August
5,476
2,639
September
7,109
2,436
October
6,471
2,183
November
6,383
2,130
December
8,571
3,010
Li L8 monthly deliveries
2024
2025
2026
The analysts noted that the Li L8’s aggressive pricing is linked to weaker-than-expected new orders for the Li L9 in June.
Citing dealer data, Deutsche Bank said the Li L9 flagship SUV garnered about 16,000 new orders in May. Of these, about 2,000 were non-cancellable orders and about 14,000 were cancellable orders. Based on the expected conversion rate, this would ultimately yield about 12,000 units of non-cancellable orders.
However, the Li L9’s order trajectory declined markedly in June. Dealers estimate that only about 1,300 orders were recorded in the first half of June, with about 3,000 projected for the full month, the bank said in the note.
The roughly 3,000 monthly orders are well below the company’s monthly delivery target of 6,000 to 8,000 units, and also below its near-term monthly supply capacity of 4,000 to 5,000 units, Deutsche Bank said.
Deutsche Bank said Li Auto is expected to update the Li i8 electric SUV and the Li Mega electric multi-purpose vehicle (MPV) in September.
The team, citing dealer estimates, said the Li i6 is projected to receive about 16,000 new nationwide orders in June. The model’s current delivery wait time has shortened to three to five weeks, compared with four to six weeks in May.
This implies that Li i6 deliveries in June and July will be about 20,000 units and 16,000 units, respectively.
Meanwhile, Li Auto is clearing inventory with deeper discounts to prepare for the September facelifts of the Li i8 SUV and the Li Mega, according to the team.
Effective June 15, the Li i8 added a 10,000 yuan cash discount on top of its existing 10,000 yuan insurance subsidy. The company also plans to introduce a single-motor version of the Li i8, likely priced below the current 340,000 yuan mark, Deutsche Bank said.
The single-motor Li i8 already appeared in a regulatory catalog published earlier this month by China’s Ministry of Industry and Information Technology, in preparation for its launch.
For the Li Mega MPV, a 40,000 yuan cash subsidy has replaced its prior 25,000 yuan insurance subsidy, Deutsche Bank noted.
Li Auto’s upcoming product roadmap spans both the extended-range and pure-electric segments.
In 2026, the company plans to refresh all four of its current extended-range models — the Li L9, Li L8, Li L7, and Li L6, Deutsche Bank noted.
The upgraded Li L9 was launched on May 15. Li Auto announced earlier this month that the upgraded Li L6 will be rolled out in July. There is no information yet on an upgraded Li L7.
In 2027, Li Auto will introduce a larger SUV, code-named “LX,” according to Deutsche Bank.
The company is also set to accelerate its expansion in the pure-electric segment. This includes the launch of the Li i9 flagship SUV in the fourth quarter of 2026, and a six-seat Li i7 SUV in 2027, the team said.
In addition, Li Auto plans to introduce a large pure-electric MPV in 2027, slightly more compact than the current Li Mega, Deutsche Bank said.
The revamped Li L8 switches from a six-seat to a five-seat layout, with a higher starting price than its predecessor.
($1 = 6.7905 yuan)
